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2018 (9) TMI 1459 - AT - Income TaxDeduction u/s 80IC - restriction of claim to 30% of the eligible profits, as against 100% claimed by the assessee on account of substantial expansion carried out by it - Held that:- The issue had been settled and decided against the assessee in the case of CIT vs Classic Binding Industries [2018 (8) TMI 1209 - SUPREME COURT OF INDIA] wherein find that it has been categorically held by the Hon'ble Apex Court that the assessee is eligible to claim deduction under the section for a total period of 10 years, with the deduction being @ 100% of the eligible profits only for the initial five years and thereafter @ 25% or 30%, as provided in section 80IC(3) & 80IC(6) of the Act. The Hon’ble Apex court has in very clear terms held that in terms of the provisions of the section no claim of deduction @ 100% of profits beyond the stipulated period of five years is allowable. - Decided against assessee.
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